The ASX continued its winning streak from Friday’s stellar session, leaping 0.4% at the open.
The benchmark index rose 31 points to 7,189 as miners rode a commodity tailwind.
Over the weekend, Wall Street rallied as better-than-expected inflation data bolstered investor confidence.
The Nasdaq led gains with a near-2% rally, while the S&P 500 inched closer to the 4,000-point mark with a 0.9% jump and the Dow closed up 0.1%.
Commodities are on a roll thanks to positive GDP data out of the UK and China’s relaxed quarantine measures.
Oil snapped out of its brief losing streak, while gold and copper leapt 1.17% and 4.74%, respectively.
There’s no sunshine in sight for crypto, however — FTX filed for Chapter 11 bankruptcy, sending nameplate digital currencies into the red.
Checking in with our top stories now, Flight Centre says it’s too early to release its full-year guidance as volatility continues to plague the industry’s recovery.
Meanwhile, Warrego Energy is up 15.3% after the board greenlit Beach Energy’s takeover bid.
Among the small caps, Alchemy Resources, AuKing Mining and Stelar Metals are kicking off the week with some fresh assays, while Kingfisher Mining embarked on its Mick Well drilling program.
In other news, South Africa’s Industrial Development Corporation now owns nearly 50% of Orion Minerals’ Okiep Copper Project thanks to a key acquisition.
With the buy under its belt, the IDC will cough up 35 million South African Rand to cover Okiep’s pre-development costs.